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the debt ceiling crisis. >> stephen: we should have known that a coin was obama's solution to everything. it was right in his slogan. change. it's legal in that it is not technically illegal. [ laughter ] let me explain with someone else's mouth. >> technically it does appear to be legal. here is how. >> the u.s. government can print new money but there's a limit to how much paper money can be until circulation at any one time. there are rules that limit the denominations that gold, silver and copper coins can be but there's no limit on platinum coins. the president can issue a platinum coin in any denomination. the treasury can mint it and print on it $1 trillion. it president can order it to be deposited at the federal reserve. >> stephen: then ben bernanke goes to the fed break room vending machine, inserts the count and picks either cheese nips or save the world economy. [cheers and applause] folks -- frankly, i do not think this will ever hasm first of all, when -- ever happen. first of all, what do you put on a trillion dollar coin snon the tail side a bald eagle breathing fire whi
in this -- in these debates, not the debt ceiling debate, not the fiscal debate. a couple of weeks ago, right after nancy pelosi came out and said that she would back something similar to what obama was backing, the chained cpi scenario for social security, which would have reduced payments for future beneficiaries -- we have been watching week by week. suddenly, you were not quite as vocal in your opposition to that. is that an indication you would support something like that in the grand bargain you are looking for? >> first, i have deeper spec for nancy pelosi, our leader in the house. she has -- deep respect for nancy pelosi, our leader in the house. she has worked hard on issues like climate change. the entire issue of trying to get the in dash -- get the economy going -- she is trying to move us forward. in working with the president, she was trying to help us get to a long-term solution, which i have mentioned before. she said she would consider the chain cpi, a cut in benefits for seniors, for veterans, for a lot of people who receive earned benefits. social security has not contributed a dime to
the downside, my thinking as it is important right now to follow the technicals and the debt ceiling will be a bigger drive for stocks. that is important to note. adam: what about gold? it has been surprising given a lot of people think all of its funding from the federa federale and the other central banks should be running from gold, why aren't they? >> there are a couple of issues in gold right now. we haven't been able to hold below the 1650 level for any amount of time at all. again, looks like we will see 1700 range. we have japan stepping in. also china coming in picking up. one thing that we're looking at, and it will put a tax on gold and also help in the gold price run urun-up little more, south a with the employees and there is a lot of talk of shutting some of these down completely for now. a new group of employees in at a cheaper rate taking time. adam: i wanted to see how this would play the platinum coin and how you would play that. save that for another day. liz claman coming up with tim tebow in just a little bit, we'll head back to las vegas after this commercial br
. >> bill: let's take the debt ceiling which we just talked about. we owe $16.5 trillion. all right? obviously any intelligent person knows if we keep going this way the u.s. dollar is going to collapse which is why you demand to be paid in gold. >> i don't but that's not a bad idea. >> bill: libertarian say we don't want any paper money anymore? what do you want? >> i can't speak for the libertarian. >> bill: you said you are a libertarian. >> i am. i can speak for me as a libertarian. that is a very wide platform. for me, stop spending. cut the size of the government. go into reason. you were talking about this new coin. are you out of your mind? >> bill: they are not going to do that. >> bill, the fact that they are even debating it shows you how far from reality they really are. >> bill: that's probably on the current tv network which i want to get into now. [ laughter ] beck, did you make a dopey offer to any network? >> we debated back and forth. i think it was worth half of what they paid. so we debated back and forth so we thought, okay, you know what? if we can get that num
-called mini cliffs, the big one, the debt ceiling, something he will have to deal with right away. >> when is the formal announcement of the nomination expected and another partisan fight down the road? >> very well could be. we have been trying to nail it down. all we have from sources is that it will happen sometime this week mptd not certain if that is tomorrow or friday or over the weekend but it will happen sometime this week. we have seen already in other nominations that the president has put forward that there has been a pushback from republicans and democrats to the nominee. unclear how the lew nomination will go. i think by all accounts everyone believes that he will be able to get confirmed. but there are concerns not only from wall street but all the way to main street that he doesn't have the experience needed to tackle the big challenges ahead. >> thanks for that. let's bring you in. timothy geithner being with the president from the beginning they have faced financial hurdles together. still facing that $16.4 trillion debt ceiling coming up. why is the white house so sure j
with the debt ceiling and bigger issues looming. >> what do you think of jack lew? he's to replace tim geithner. seems that we're on the verge of a different kind of philosophy now. >> yeah. i think what's interesting is barack obama is getting to people who are closer to him. jack lew used to be chief of staff. obama's like, look, my first term i was getting all the people to make america happy. now i'm getting people to do what i want them to do. a lot of people didn't like how fiter in did the job so obama is putting his own thumb on this one. >> people said he's too much like the president or backing his policies. i thought isn't that why you pick people for your cabinet? >> exactly. that's what barack obama wants to do. he is now safe. he doesn't have to worry about running ever again. so he's like, look, i'm going to put my stamp on america whether you like it or not. >> a lot has been said about this, that in many ways the new cabinet, the high posts are older white men, not reflective of american society. there have been a number of women that have clearly -- >> yeah. >> secretary of st
monday with inauguration and already digging in his heels against republicans on the debt ceiling saying today, quote, we are not a deadbeat nation. ann says republicans just cannot stand for smart people being in charge. ann, i could not agree more. >> that's exactly right. that's the problem. >> amen. >> like us on facebook and let us know what you expect of the president's second term and the debt ceiling and budget battles. >>> up next, crime and punishment. america has more people locked up than any other nation in the world and what price to our wag lets and to our society? the author of "jailhouse blues" joins us next. [ roasting firewood ] ♪ many hot dogs are within you. try pepto-bismol to-go, it's the power of pepto, but it fits in your pocket. now tell the world daniel... of pepto-bismol to-go. this reduced sodium soup says it may help lower cholesterol, how does it work? you just have to eat it as part of your heart healthy diet. step 1. eat the soup. all those veggies and beans, that's what may help lower your cholesterol and -- well that's easy [ male announcer ] progress
area. tonight, her advice for president obama as the debt ceiling looms overhead. >>> a and the rain has moved on but now clearing skies leading to chilly temperatures around the bay area right now. already down to 34 degrees. the thing that will slow your morning commute, likely to be fog down to a quarter mile in spots. coming up in a forecast, both warm and cold for the bay area. the details coming up when we come right back. >>> another budget battle is shaping up in washington. this one over rizing the debt ceiling. republicans will not agree on taking on more debt without cuts on medicare, medicaid, and other social services. >> i think tax reform ought to be revenue neutral as it was back in the reagan years. we resolved that issue. with don't have this problem because we tax too little. we have it because we spend way, way too much. we settle the tax issue. the question is now can we address the single biggest threat to america's future. that's our excessive spending. >> some say this stand-up could be worse than the fiscal cliff fight. house minority leader nancy pelosi says
on the fiscal cliff, that's great. i can't wait to see what he's going to do on the debt ceiling, on the sequester, and on the continuing resolution as we get closer to his d-day. >> the thing, though, is in terms of national brand management, when you look at the polling, right, the approval rating, john boehner's approval rating on handling the debt ceiling negotiations, 31%. his disapproval rating is 51%. the president's disapproval rating 52%, disapproval, 37%. >> that's what i found hysterical. john boehner's office put out this dramatic statement that he would no longer sit down at the table and be part of the negotiations as if that's been a path to victory or he realized he had no role in this, no effective role. the problem with the republican party is they don't know who they are. they can't figure out who they are. you mention tom cotton. i know another interview i read from him recently, he said, i'm ready to take my medicine. he's not taking any medicine, it's the american people, the people getting their health care cut, their education funding cut, and it's like ge
. breaking news right now from ben bernanke on the debt ceiling. over to you, steve. >> thank you very much. ben bernanke commenting on the fiscal cliff. saying there was progress there but the u.s. economy and the theretos from the fiscal debate, the u.s. economy is not out of the woods yet. raising the debt ceiling, he said, gives the opportunity to spend now. like a family trying to raise its credit rating not deciding to pay bills. we think we're getting some effect in lowering interest rates but it's still early yet to tell. we have found qe to be an effective tool. we will continue to assess how effective. just before you came to me he was asked one of the criticisms. aren't the fed quantitative policies overspending by congress. the chairman saying it's not the fed's job to play games and make congress do what it should be doing on its own. >> he keeps saying this in so many words. you'd think people would get it at this point. thank you so much. >> you would think, yeah. >> steve leisman. president obama telling republicans to move quickly on the debt ceiling. jon harwood on the pre
's taking place in america right now. and we're hearing about fiscal cliff and debt ceiling and money here and there and cuts and whatnot. it is about what the republicans want to take from the lower-income americans. that is the issue. and our next guest, bernie sanders, wants action. and so do the american people. i was struck by his essay in the huffington post that was titled "the soul of america." so well put. because folks, this is, as i said, an ideological battle. and the deck is basically stacked against you if you're in the middle class or below that. we're experiencing more income inequality now than we have during any time in a period of history since 1928. the top 1% owns 42% of the country's financial wealth. 1% of americans own 42% of the country's wealth. as for the bottom 80%, they own only 5% of the wealth. yet despite those kinds of statistics, the republicans and the big money donors who back them are aiming for more. we've heard all the rhetoric. we don't have enough revenue. well, wait a minute. we've got too much revenue going in. it's a spending problem. but we all
know it looks like a long shot right now but depending on how the debt ceiling negotiations go, depending on what -- how much of a disaster the republicans look like, i think there's a real possibility that in 2014 that could happen. >> and then we could have -- then we could have change as you were saying once democrats are in control of everything. >> yeah, yeah. toure gets that disconnect there. the only action of obama in the first term to make it easier to bring them in to national parks but i think in the nra's mind, you know that scene from "the american president." michael douglas says, i'm going to get the guns. and it's the nra. obama's just waiting to do that. >> it's like the clint eastwood thing. talking to a chair, an imagined obama. not talking to the real obama. not criticizing a real obama and possible and they're criticizing an imaginary obama. hee's a -- >> what i was saying -- >> not intentionally. >> what i think the -- what i would say politically the nra would say is they have to do this to restrain him from saying i'm going to get the guns. there are lib
't use the debt ceiling. that's a bad idea. >> president said he won't negotiate on the debt ceiling. >> i think he's right on that. >> senator, thank you. good to see you. >> thank you. nice to see you all. >>> and we spoke to supreme court justice sonia sotomayor. she spoke with scott pelley about her new york city home and reputation as a tough corporate lawyer. >> you write in your book that one day one of the associates one of your colleagues was on the telephone, and he described you, your words, not mine as one tough -- >> his words. >> as one tough bitch. >> yeah. >> and when you heard that, you thought what? >> what in the world is wrong with me? i was a pretty tough negotiator and hard to push around and i don't think they were used to my kind of toughness then. >> is his description in any way unfair? >> probably not. >> she's been called a lot of things, but she told us more than madam justice, she prefers another title. >> it's sonia from the bronx. >> what does it mean to be sonia from the bronx? >> hi. >> it means to be a part of this particular communi
. >>> the administration's economic priority right now is the raising of the debt ceiling. u.s. has gotta lift it by the end of february or early march or else it will default on its fiscal obligations. this should be a routine exercise but republicans once again are threatening to hold the debt limit increase hostage in exchange for spending cuts which happened back in august of 2011 and standard & poors downgraded our credit rating at just the threat of default alone. as republicans call for a dollar for dollar match raising the debt ceiling versus spending cuts is very important that we remember this is an illogical demand. the debt ceiling has to do with paying off the bills that we've already incurred. we want to talk about future spending cuts and future deficit reduction. that's entirely separate conversation. in fact, democratic house leader nancy pelosi says the president should side step the fake fight altogether and vote the 14th amendment. we're back after the break. and invoke the 14th amendment. we're back after the break. now. (vo) she gets the comedians laughing and the thinker
ceiling. he said forget about it. we are not dealing in anything in raising the debt ceiling. >> neil: that is not negotiating. let's do each our jobs and move on from there. >> right there. no more basic function of the congressmen to do this. jeff sessions who has been conducting a lonely crusade in favor of this, he is the ranking republican on the senate budget committee, he said i think it should be a policy that you cannot raise the debt ceiling unless you tell the american people what you are going to spend this newly borrowed money on and do so in the form of a budget. it's really not a crazy idea. >> neil: byron york, thank you my friend. to a senator that has had enough. my next guest, 20% across the board cuts, he wants, ron johnson. what is the reaction? >> calling for what i was talking about is putting myself back in business mode. if you have departments that are not functioning, you say your budget is cut 20%. that is how you make things more efficient. our agencies, that would be the way to do it. i have sat through hearings how to improve performance and in the end i
obligations. this, if lawmakers cannot agree to raise the nation's 16.4 trillion dollar debt ceiling next month. well, the flu outbreak reaching epidemic levels. the flu is now widespread in 47 states, look at this map right now. everywhere, but california, hawaii and mississippi, but the biggest concern is that the vaccine supply is already start to go run low. the fed say it's killed 20 children, no count yet how many adults have died. i'm kelly wright, now back to cavuto on business for the latest headlines, log on to foxnews.com. . >> neil: all right, these aren't jobs from the movie outbreak. a triage unit at a pennsylvania hospital, more are going up for treating the latest flu cases and it's not just hospitals across america that are feeling rundown. so is the american workplace and now workers are afraid to call in sick out of fear of losing their jobs, so that could be making that flu outbreak worse. >> absolutely. unemployment still at 7.8% and i think that managers in companies far and wide do enough to tell people to stay at home. but i think that fear is right and just. peopl
about the debt ceiling. we'll have that for you live right here on ms nrk bc. >>> today's tweet of the day is about one part of the golden globes thats has gotten a lot of attention today. marley matalin writes, jodie foster at the golden globes, pure jody, rightfully defending her privacy while doing it with brains and a smile. stress sweat is different than ordinary sweat. it smells worse. get 4x the protection against stress sweat. introducing new secret clinical strength stress response scent. i'm up next, but now i'm singing the heartburn blues. hold on, prilosec isn't for fast relief. cue up alka-seltzer. it stops heartburn fast. ♪ oh what a relief it is! two. three. my credit card rewards are easy to remember with the bankamericard cash rewards credit card. earn 1% cash back everywhere, every time. [ both ] 2% back on groceries. [ all ] 3% on gas. no hoops to jump through. i earn more cash back on the things i buy the most. [ woman ] it's as easy as... one! -two. -[ all ] three! [ male announcer ] the bankamericard cash rewards credit card. apply online or at a bank of
at hole and that is the debt ceiling as we enter into this new year. tony, is that going to play a part, will that maybe prevent you from being more bullish in this environment because there is still so much uncertainty? >> you know what? i think politicians are starting to realize they can't play this jousting match they have been having with the last debt ceiling, the fiscal cliff which is behind us temporarily. so i think when they come to the table with a solution, the markets are going to rally just like they have in the past. i think they're going to come up with a solution but until there is a solution, until there is something, i think we'll see some volatility. but i really think they will come to the table with a good, solid solution. it will give republicans a chance to put their foot down on some of these, on some of this public spending. and it is going to be positive for the investor. ashley: bob, let me finish with you. you like emerging markets. people say that a but which market in particular are you particularly hot on right now? >> well, actually we think china is poi
, he doesn't want to have a discussion about the debt ceiling. this is a two-prong process, constitutionally the president is right, congress racked up these bills if you will, but the president signed them into law, both republican and democrat. both people have gone through this dance, if you will and it's a horrible dance. so what these leaders need to do is figure it out. after all, that's what we paid them to do and just as importantly, that's what they've been elected to do, figure this out. >> good to see you, thank you. >>> also making news this morning, the only suspect in custody for the deadly september 11th attack on the u.s. consulate in benghazi is free. the lawyer for the tunisian suspect has lack of evidence was the reason for the release. the attack killed ambassador chris stevens and three other americans. >>> attorneys for casey anthony are expected to be in court to appeal her convictions for lying to detectives during the search for her missing daughter. anthony told detectives that her nanny kidnapped caylee but no such person was found. the court must
. once again right now, the republicans have insisted that the only way they will raise that debt ceiling past the 16.4 trillion mark where it is right now is if they get dollar for-dollar spending cuts that match that raise. the president has said, his press secretary has said, they will not negotiate on this issue. on the fiscal cliff issue they were willing to negotiate. there were obviously conversations behind the scenes. we know the leaders of congress came here to the white house. on the debt ceiling issue it is dramatically different. and on top of that you also have two other issues where these two sides will be going head to head. again, the issue of sequester. and obviously, the continuing resolution, basically the way the government is paid for going forward. so we've got a busy couple months ahead of us. >> we do. hey, peter, we have to take note that we're going to see you in a little more dressed down, little more casual sigde of you at the bottom of the hour for office politics. for anyone who wants to see what goes on behind the scenes with you, tune in. are you nervous?
. >> thank you, jim. take care. >> all right. you see where you can go. fiscal cliff, debt ceiling, how about guys like kevin doing amazing things? exact sciences. if this comes true, in other words, the fda gives the permission, you can see how big this can be. i like this story. stay with cramer. so if you have a flat tire, dead battery, need a tow or lock your keys in the car, geico's emergency roadside assistance is there 24/7. oh dear, i got a flat tire. hmmm. uh... yeah, can you find a take where it's a bit more dramatic on that last line, yeah? yeah i got it right here. someone help me!!! i have a flat tire!!! well it's good... good for me. what do you think? geico. fifteen minutes could save you fifteen percent or more on car insurance. ♪ i don't wanna be right [ record scratch ] what?! it's not bad for you. it just tastes that way. [ female announcer ] honey nut cheerios cereal -- heart-healthy, whole grain oats. you can't go wrong loving it. officemax can help you drive supply costs... down... ...and down. just use your maxperks card and get a case of x-9 paper for only 1-cent aft
got this fiscal crisis, we've got a debt ceiling discussion, we've got senator mcconnell saying, listen, we got to find ways to cut entitlements. isn't this smack in the middle of that debate when you're charging $300,000? >> well, we charge $295,000 because of really three things. one, the burden of illness of the condition you described, $200,000 to $600,000 a year is the cost for each one of these patients. we charge $295 because of the value that gattax brings. reducing the nutrition, 15% of patients getting off of nutrition altogether and improvement in the quality of life. and third, there's a premium associated with treating only 3,000 to 5,000 patients in the u.s. >> so the insurance companies would actually favor using your drug than doing what they're currently doing for these people. >> that's exactly right actually. 100% of the payers said that they would reimburse gattex. 76% of the physicians said that they will prescribe gattex independent from the cost. and about 100% of the patients said they will try gattex. >> let's go over when people talk about cutting medic
with this. we have hit the debt ceiling, so says the treasury secretary. i'm not sure where we are. is that right? every actually hit it? is the treasury secretary's speaking metaphorically in some way? >> well, running close to the limit and then the secretary of the treasury begins taking money from different friends inside the government. he uses that money to run the governments of the borrowing. lou: basically doing what millions of americans accuse him of doing, cooking the books and playing games. that seems to be pretty standard . i have to ask you this. why is it just now occurring to both the president and the congress of the yet to state that they should do something about this rather than say, oh, one month before the election where would have been beneficial , perhaps much of the republicans who seek prudent fiscal policy to have done so. >> certainly you want to get ahead of this problem. running against the limit and going through a series of special measures, doesn't make any sense to run the government. the end of this with been preferable, but there's no appetite
an executive order to ignore the debt ceiling and i will not be surprised if he does. so, what we have here is not a failure to communicate as they once said in the movie cool hand lou. but a president who believes he can do what he wants to do with little accountability. he has already signed executive order changing immigration rules. that was done in the middle of the night. few even know about it if this continues there will be a constitutional crisis in america. unfortunately we the people are slow to understand what's actually happening here. there is no collaboration going none washington right. >> now the president is not able to persuade republicans to see it his way. now he ♪ even trying to do that mr. obama is hell bent on changing the u.s.a. and, in his mind, no one is going to stop him. that's the memo. now for the top story tonight. opposing point of view, joining us from los angeles, adam winkler constitutional law photographer at ucla. generally speaking and then i will get specific, where am i going wrong. >> to portray what president obama is doing as a power grab ignore
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shut downs and debt ceilings. vice president sebiden is meeti with the nra and senator feinstein wants to ban handguns the kudlow report begins right now. >> cnbc contributor jared bernstein. i can't think of a single reason why they have to put in such an unstring wi undistinguished person in such an important spot. >> i take issue with that. you have to take into consideration issues, but i will say when it comes to one of the most important jobs of the treasury secretary, which is managing the budget, you can't have a better guy than jack lu. you can talk a lot about it. >> that is where i disagree. this is not, hang on a second. i'm going to give jimmy a whack at this. this is not the director of the office of managing the budget. that is where i used to work. this is about financial matters. this is about guys who know what goes on at the world's financial capitol. this is about guys who used to look after the currency and about guys who are going to have to deal with republicans over the debt ceiling and according to every leader that i have talked to, he is poison to republicans
is that they don't believe that they have the right to use the 14th amendment to increase the debt ceiling without congress. they say they're not going go that route and here's where it gets complicated and he's not going to negotiate with congress and it begs the question if he's not going to negotiate with congress, how will it get resolved and republicans are digging in their heels saying they will not increase the debt limit unless it is offset with the equal amount dollar for dollar cuts in spending. democrats say they're not going agree with that because it will likely target entitlements and that is where these battle lines are being drawn and thomas, this is a similar fight that the white house had with congress in 2011. the white house back then was asked about invoking the 14th amendment and the white house said they were going to use it and they, in fact, never did. they had democrats from outside of the white house and former president bill clinton, for example, who said the 2011 battle that the president should invoke the 14th amendment and just increase the debt limit unilaterally. o
, not debt ceiling debate. >> long term discussions on social security can be on there yes. >> a couple weeks right -- >> right after nancy pelosi came out and said she would back something similar to what obama was backing which is a chained cpi to reduce payments and suddenly you weren't quite as vocal. we've been watching you and you weren't quite so vocal in your opposition to that. is that an indication that you would support something like that as part of the grand bargain? >> first i have deep respect for our leader nancy pelosi in the house. she has done remarkable things. she's allowed us to move forward on some of the biggest project this is country has before us. health care, affordable for all americans. climate change issues. the entire issue of trying to get the economy going when we were in the deppth of this great recession. so i have deep respect she was working with the president was trying to help us get to a long term solution, which i mentioned before. she said that she would consider the chained cpi which is a cut in benefits for seniors, for veterans, for a lot of folks
months and we're right back about in the soup with another debt ceiling deal. how are we ever going to get out of this conundrum if we don't at some point start paying the money we promised to pay. >> you just said something. how are we going to get out of this conundrum. according to an op-ed by mr. stephen moore, the president doesn't believe there's a problem. do you believe that the material in that op-ed is correct? do you think in your opinion that the government believes the president specifically doesn't believe we have a spending problem? >> the president does need to wake up and assess his surroundings. we are fixing to have the inauguration in a week or so. the debt will stand at a little other 16 trillion. by the time the next permit is inaugurated, the national debt will be $22 trillion. who cannot say there's a serious problem with being awash in red ink, and it threatens the fabric of our republic. >> i don't disagree. yesterday the nominee to replace timothy geithner is jack lew. keep in mind he's problem the professor and frankenstein that created the monster known
the authority to raise the debt ceiling without congress? will he tried to? our handwriting expert is digitalis about the most talked-about signature. will it end up on our dollar bill? can you read that? >> from that fox business studios in new york city, it's "the willis report" with gerri willis ♪ gerri: as the debt ceiling showdown, members of the financial services round table now headed by former gop presidential candidate temple in tay are urging congress to raise the debt ceiling. failure to do so will cause a wire. will republicans caved? always great to have you on this show. what do you make of this? these and other business leaders of this country who are saying, you have to raise that debt ceiling. >> a little hypocritical. these business leaders of the same ones to say we have to do something about our enormous debt, and what will cause a wire to our nation's finances continuing to go around borrowing a trillion dollars year after year after year. the phony issue, people are saying if we don't pass the debt ceiling it's a default. that is off the table. the constitution prevents
to unilaterally raise the debt ceiling without approval of congress. and that is the scuttlebutt right now in washington, that the president is simply going to do it whether congress authorizes that extension or not. neil: you know, sabrina, it's odd that this is occurring the same week we saw the movie "lincoln" honored with 12 oscar nods. of course, a lot of people point to the fact that abraham lincoln, you know, habeas corpus went way after and way beyond what constitutional powers he was granted, and critics say this president is, essentially, doing the same. i always remind people with this flippant comment, i knew abraham lincoln. abraham lincoln was kind of an historical friend of mine. this guy's no abraham lincoln, nor are the circumstances the same. what do you say? >> you're exactly right. the difference is abraham lincoln had his priorities in order, and one of the re problems with president obama is his priorities seem to be a mess. instead of talking about spending control, we're talking about gun control. instead of talking about solid, long-term economic solutions to help
does that mean for the three major debates ahead? the battle over the debt ceiling, sequester, the continues budget resolution? >> that's to my point. right now all the committees of congress should be meeting. the people on agriculture should be saying what can we do to make cuts here and make some changes there? the defense appropriations committee should be meeting. the housing committee should be meeting. all the various appropriating and authorizing committees should be meeting. and be involved in this process instead of leaving it to the last minute to three people. you can't run a country that way. like i said, you can't run a business that way. if i spent as little time running my business as the congress does conducting its business, why, we would have been out of business a long time ago. >> minnesota congressman rick nolan. again, congratulations. and come back and see us again. thank you so much. >> thank you. delighted to be here. >>> that wraps up this hour of "jansing & co." >>> coming up next on the agenda, the political calculations of picking senator chuck ha
think he is talking about the sequester and debt ceiling and avoid whatever fiscal cliff is coming near us. thank you, john. appreciate it. >>> we bettered our position is little bit on the dow jones. we were off better than 80 pointses. s&p is off about and nasdaq down 10 1/3. "power lunch" is back in two minutes. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. it's just common sense. you know it can be hard to lbreathe, and how that feels.e, copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-act
't need to raise the debt ceiling, but at the end of the day, spending is not going to get cut, not in the way it would have to. >> i think you're right. we're never going to see the spending get cut. because i don't think either party wants to cut spending that they regularly talk about and obama talked about cutting spending line by line. republicans talked about small government. but every year we look back and we say oh wow it's grown even more. i think there's going to be a lot of back and forth. it strikes me that that's obama's plan that he wants to get ahead of it, but the reality is neither party is going to do anything. that to me is the big scandal here. we're a constitutionally limited government yet it collects 2.5 trillion dollars a year. it strikes me that that's the scandal that not enough people are talking about, a limited government wouldn't need that much money. dagen: how do you think the debt ceiling fight does play out, however? again, if you have people who have nothing to lose, then they become very dangerous, if they're willing to put their necks on th
worried with would happen with the cliff. >> right. tracy: here we are with the debt ceiling debate, you still have to be worried. >> less, by a lot. the idea of everybody's income tax rates going up to the degree they could have without working this out could have been much more catastrophic to the economy. certain things have to be done. i'm much less concerned now than i was two months ago. tracy: we do have people with smaller paychecks. >> yes. tracy: your fees run, what, about sign-up is $50. comes down to a month? >> less than that. >> most people do meetings, monthly pass. no sign-up fee. $42.95 a month. weight watchers less than $10 a week. weight watchers online is less than $10 a month. tracy: are you worried this is one of the things i drop? >> if you look at the cost of obesity the way it impacts individuals and insurance companies and employers, the cost of diabetes, cost of heart disease, cost of cardiovascular, it is the best investment you can make from roi point of view as being healthy. from our point of view we focus on that value message. tracy: you hope that is how
game going on. on the political side, chris is right. it was very interesting that before the debt ceiling debate last time when we came to the edge of crisis, grover norquist was out telling everyone, you know, we're spending $120 billion in a country with $14 billion of gdp, and grover norquist put a fissure down conservative support for the afghanistan war. when that happened, you had progressives against it. that really changed the dynamic. we -- i helped run the afghanistan study group, and our minimum threshold we thought was around 20,000 residual troops. it's astounding to see the president say no on 15,000. now john allen has come out, general john allen, with his scenarios all basically less than 9,000 troops. >> it could be the zero option. >> well, that's more about sending karzai a signal. >> it's a bargaining chip. >> that you don't -- there's a certain amount of america bashing that we'll tolerate. he needs to survive. he can't survive without troops. those troops are there to prevent an overthrow of the kabul government after we draw down. >> we talk about his plans
it right? will we go over the cliff, another debt ceiling and if we don't we could have a very robust capital markets this year, an that's what encourages me for the big money centers. for the smaller guys starved for loan growth and margin pressures they will be buyers. the really small guys will be the sellers and you'll see a lot of m & a opportunity out here. >> jason this morning you raised estimates on three banks. you lowered estimates on nine banks. tell me what was behind that. you're expecting the quarter to be what, more negative than positive for the sector overall? how do you see it? >> fine tuning here and there with overall estimate. i think generally for the earnings for the quarter. we think about half our banks will beat expectations. half miss. if you think during the course of 2011 the banks steadily beat numbers and fourth quarter a lot due to expenses they hit a road bump. this year they have beaten consensus through the first three quarters of the year so it's interesting to see what the fourth quarter brings, but we do think the market compression will be an is
and the government could use that to pay the debt, avoid default and preempt the debt ceiling crisis. >> we should have known a coin was obama's solution to everything. it was right there in his slogan. change. [ laughter ] >> bret: so clever. thanks for inviting us into your hom
on the debt ceiling. >> the issue here is whether or not america pays its bills. we are not a deadbeat nation. >> taking a stand on the one-month anniversary of the newtown massacre. the families speak out. >> this is a promise to turn the conversation into actions. things must change. this is the time. this is a promise we make to our precious children because each child, every human life, is filled with promise, and though we continue to be filled with unbearable pain, we choose love, belief, and hope instead of anger. >> calling them out. tough words from former secretary of state general colin powell for his fellow republicans on race. >> there's also a dark vein of intolerance many some parts of the party. >> the end of the longest war and the man president obama has nominated to wind it down coming up. retired general stanley mcchrystal on chuck hagel. the exit strategy from afghanistan and his own career. >>> plus, show stopper. president clinton he should the standing ovation with his surprise appearance on "lincoln" at the golden globes. >> in "lincoln" we see a man more interesting
they -- if they won't do the debt ceiling, they have less leverage. >> what a country. let's drop left wing, right wing for a second. we're the country of the world, we're the role model, we're the city in the hill, right? what a joke teaching democracy this way. >> i'm not sure the framers of the constitution envisioned a day when the members of congress would hold the president hostage. >> and not pay their debts. >> by not paying their bills. you have the cr, the continuing resolution that funds the government running out in march. you have the sequester deadline, which they couldn't deal with this time. they kicked down the road to march 1. and you have the debt ceiling hitting about the same time. so you have three cliffs. it's going to be a three ring cliff, a three cliff circus, whatever you want to call it, coming up very soon. and if you have this group that doesn't believe in compromise, it's going to be very hard to get through this without a lot of blood in the water. >> i hope this goes' way. anyway, thank you. the tactic ought to go away. it ought to be about building, not destroying
at the top of the last hour about what's really going on when it comes to the debt ceiling and the best deals that we can hope for at this point. you say, that the debt ceiling itself shouldn't be something that we are negotiating over right now but right now there are some very real things that they can hold out to try to get the proposals, the republicans can. >> absolutely. let's talk about what the debt ceiling is. the debt ceiling, we're the only country on ert with a debt ceiling. there are other countries that have controls, including debt-to-gdp. debt as a percentage of the economy requirement but we're the only one that has a debt ceiling. the debt ceiling is really dealing with, you know, hows that have already been passed, apropose riegss that have already been made, ultimately what we need to do is achieve a grand bargain where we get rid of the debt ceiling. we substitute statutory budget controls and i would argue a constitutional debt as a percentage of the economy limit. >> saying you could never go beyond -- >> that's right. >> what percent would that be? >> 120% of gdp, 100%
the outside appear to be ritualized fights and markets thing, they are going to raise the debt ceiling and we don't need to listen until we do. >> neil: well put. thank you very much. and the debate is heating up. the this ceo is ready to shake things up. how he is pushing washington and both sides to get off the talking points and just get to work. machine. machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. i've been fortunate to win on golf's biggest stages. but when joint pain and stiffness from psoriatic arthritis hit, even the smallest things became difficult. i finally understood what serious joint pain is like. i talked to my rheumatologist and he prescribed enbrel. enbrel can help relieve pain, stiffness, and stop joint damage. enbrel may lower your ability to fight infections. serious, sometimes fatal events including infections, tuberculosis, lymphoma, other cancers, nervous system and blood disorders, and allergic reactions have occurred
. >> key democrats and say the debt ceiling and the tax cuts are unrelated. >> not going to say i'm not going to pay my bills unless you stop buying stuff. so stop buying stuff so you don't have future bills but right now we have to pea the bell for what we incur. i you want to tie it to what we do next, fine. >> the big part of the budget is getting people back to work. >> president obama has said he will not negotiate with congress on whether they should pay their bills. some republicans are now criticizing his fiscal leadership. >> what is really disappointing to me is that the president isn't generating a discussion on his own help has to be dragged kicking and screaming to the table when he have these other big issues like the debt ceiling to get him to talk about it. i wish he would lead. >> after nancy pelosi appeared on national tv it was off to her annual happy new year's celebration in san francisco. she was greeted with a roar of applause at the presidio. the meeting answers the delance si street foundation. considered the country's leading residential self-help organiz
on the debt ceiling. you've got guys like mcconnell and boehner say -- >> you may be right. the restoration of the old northwest republican party under the leadership of chris christie. somebody's got to bring it back which you're part of. you don't act like it sometimes. you're going to be one of them. wouldn't you like to be press secretary to chris christie of the united states? what a job. >>> what's wrong with this picture? here's what a gathering of president obama's top cabinet officials and aides might look like. a lot of people are looking at this saying where are the women and minorities? the group that put the president back in the white house. >>> also could the answer to the gop's problems be found somewhere in the swamps of jersey? sounds like the colonial wars. that's a bruce springsteen reference. now one of the biggest fans is chris christie. he may be what they need to break out of their super religious people. here's my question. how does a pragmatist like christie get through a tea party driven primary season. >>> christie wants to save the party from itself. republicans
be onboard with playing games with constantly raising the debt ceiling, do you? >> i don't think that we are are constantly raising it but i do believe and i agree with -- >> neil: well, we have done it 52 times in the post war period, right? >> we have done it but we always paid our debts and we don't quibble about paying debts. it is something that we know we have to do. we make them and we must pay them. >> neil: congress appropriates the funds and you can't come back later on and say we are not paying. i do see the wisdom of that. but i see it also in the power of congress to decide that and not nix the congress and trust a rather loose interpretation of an amendment put together in 1868 to force the issue. >> i think we can avoid that and we can avoid it if we create enough jobs for our people to be able to work, then, of course, they are paying as we go. >> neil: absolutely. you're right. this becomes a moot point if the economy picks up. but you you know what troubles me, congressman. you and i have chatted about, well, kind this of before. that we spend an enormous amount of time
, given where the debt ceiling is and all the rest and the confirmation battles are coming down the pike we won't see this as a front and center issue right now but i would expect that there are going to be republicans in the house and some in the senate that will push for another effort to defund planned parenthood. martha: we may hear about it in the context of the fiscal fight, a lot of people are pushing for conservatives to be much more specific as far as listing the places where they do think money could be cut from the programs and they haven't been specific enough. perhaps it will take shape in that form. we will see. thank you so much. >> great to be here stphaofplt we are talkin. bill: new gun legislation. former congresswoman gabrielle giffords announcing a new push to stop gun violence. it comes two years to the day after she was shot in the head during a shooting rampage in tucson, arizona. she is waoeu waoeug an editorial for "usa today" and is set to talk to diane wha sawyer later today. weapons are flying off the shelves and some americans are worried that their right to
. >> the issue right now and the conversation has been the debt ceiling, which we are about to smack up against. the doom and gloom reporter every morning about the debt ceiling. so spending and debt ceiling to a large degree, while they are connected, they are different conversations. debt ceiling, we have spent that money. that a difficult from verizon that has come due you have to pay. >> you are borrowing more money to spend in the future. we are borrowing money to pay off past debts. no. if we weren't doing more deficit spending, we wouldn't have to borrow more money. the debt ceiling, last one could you say, the debate was messy. we didn't get a downgrade because the results of that debate didn't solve the problem. president obama, after he got his tax increase, the tax part of his balanced approach, when he came out and said, okay, now, the debt ceiling is off the table, not going to negotiate it -- >> because it's spent, right? $16 trillion national debt. that's money that has been committed by congress. it's been committed by the very people who will fight over whether we should pay th
the debt ceiling crisis. >> we should have known a coin was obama's solution to everything. it was right there in his slogan. change. [ laughter ] >> bret: so clever. thanks for inviting us into your home tonight. that is it for this "special report." fair balanced and unafraid. it t. is webs so "special report" online starts in 5 seconds. >> this is the fox report. tonight disturbing self-photographs of the movie massacre suspect. disturbing pictures they say they found on his phone. plus a crowded ferry slams into a pier. commuters tossed about by the dozens hurt. >> all of a sudden there was this loud bang and my catapulted to the seat in front of me. >> shepard: hundreds of people on board when it happened. >> hundreds stairs. >> screamed call 911. >> now an investigation into what went wrong. a flu outbreak hitting all across the country. reports of people turned away from hospitals. >> so we're seeing an early spike, at least compared to the last five or six years. this is very early and we don't know what the peek is yet. >> shepard: before it all ends they say thousands could die
to focus on the debt ceiling, focus on funding for sandy. i have two very good senators in the senate, we are going to support that. this campaign is over a year away. you know new jersey has to focus on a governor's race and legislative race. for know do it good exploration, due diligence for running i have to file. >> not ruling out challenging? >> not ruling out anything but premature to be speculative. >> i don't want us to leave without taking on a topic that has been big this week, if you saw the new york times with the hall of fame voting reflecting the steroids era, there it was. the inductees, a blank page, the likes of barry bonds, sosa and others were not inducted. now you have got haley barbour, lance armstrong, preparing to do an interview, famously win over the tour de france but has lost those titles because of doping accusations. it appears that he may make some confessions here, like to be reinstated, according to some of the reports be to be able to compete in the olympics or triathlons and the like. how does this work? public mea culpas and reinstating his good name? >>
right now. president obama may also be asked about gun control and debt ceiling as well. if he is, we will take you back live to the white house. sue? >> indeed we will, ty. in today's yahoo finance question of the day, we asked, more than 19 billion flowing into u.s. equity funds this week. highest uptick since 2000. are you getting back into the game in 32% say yes, i'm getting back into stocks. 25% say i'm cautious but thinking of getting back in. 43% say no, i'm staying on the side lines. >> let's see what is coming up on "street signs." 2:00 p.m. eastern time with mandy. >> absolutely, sue. we are kind of at an inflexion point. multiyear lows for vix. where do we go from here? we will lay it out with a bull and bear case. also our americans cool again. a hiring spree and we also asked to you tweet in your favorite car or truck under $100,000. we will reveal some of the result and show ours as well. all of those things coming up on this friday edition of "street signs." sue, back to you on "power lunch." >> thank you very much. social media stocks after being battered last year ar
that the president should simply declare the debt ceiling to be unconstitutional. is that something that he should look at? >> they have rejected that in statements from the white house, and i think they are right to reject that. lawrence tribe very serious constitutional scholars have written op-eds about this idea and concluded, i believe correctly in my reading that doing so would be probably an unconstitutional act by the president. and it is not necessary. what you want to do is win a political struggle without turning the next two years into a constitutional crisis. >> jennifer: right. it is so interesting that there are an array of options before the president so he can say i am not going to negotiate the debt celling. very interesting. ed kleinbard offering another idea which seems to have some precedence. thank you for joining us inside "the war room" again ed. really appreciate it. >> thank you, governor. >> jennifer: up next, marijuana is still illegal in this country and there are some who aim to keep it that way. that story is next right here in "the war room." ♪
as this one, the debt ceiling and after that, of course, on the government shutdown. right now, there really is a tight rope the speaker is walking between, as you said, making clear that he is fighting for what they want, those spending cuts, but also understanding that if the u.s. does default, the credit of the united states will be a problem, and that's why the president made clear today he knows he's got the bully pulpit to try to put the blame back on the house republicans even before this fight really starts in earnest. >> no matter who thinks they're in the right on this one, there are real consequences if they don't make a deal. dana bash on capitol hill. it's just starting all over again. thanks, dana. >>> exactly one month ago, the horrifying massacre of schoolchildren in connecticut rekindled the national debate over gun violence and a fresh effort to try to do something about it. vice president biden is soon going to announce new proposals by his federal task force and president obama is already checking him out. >> what you can count on is that -- the things i've said in the pa
the bills that have been incurred. don't tie it to the debt ceiling. >> reporter: a big part of balancing this budget is in fact, getting people back to work? >> that balances us twice and that another is big piece of it. >> reporter: president obama says he will not neglect can congress on whether they should pay their bills. some republicans are questioning his fiscal leadership. >> what is really disappointing to me is that the president isn't generating the discussion on his own and he has to sort of has to be dragged kicking and screaming to the table when we have big issues like the debt creeling to get him to talk about it. i wish he would lead. >> reporter: elizabeth corridan, ktvu channel 2 news. >>> house minority leadership nancy pelosi wants to see tax loopholes closed and subsidies end. >> we talk about subsidies for big oil and what is the justification to give an incentive to drill? so again, justify your existence, if you are a special tax break. >> massive federal spending cuts are due to hit march 1st, about the same time that the u.s. will hit the debt ceiling. >>>
? the american public isn't as tuned in maybe to, like, the debt ceiling debate or at least not the -- they did not used to be, whereas the minting of $1 trillion coin is out of duck tales. >> if you were going to do this, i don't think you would, for instance, like make a big deal of who is on the face. i don't think you would have a design competition for it. i don't think you would go parading around holding the trillion dollar coin. >> what if you lost it? >> yes, exactly. or my heist film that i'm writing about this. what you would do is come before the microphone and say in order to insure that the government meet its constitutional obligations to pay its debt, i have directed the treasury of the secretary to legal the necessary steps to make sure we can pay our debts. that's it. then all the coin stuff happens in the background, right? you don't want to turn it into this cartoonish -- >> nobody will notice. don't even talk about it. >> people will -- might go crazy about it, but i would also note this. monetary innovation is a tremendously important free line in american history. abraham
stocks. and you were right. this market wants to go higher even in the face of things like the debt ceiling debate and a global slowdown. if you had to call it a baseball game, what inning are we in? >> i'd say the second inning, third inning. there's a lot of left. >> wow. >> this is the year of all-time new highs? >> all-time new highs? >> as we speak. >> all-time new high for the nasdaq would be 5,000, right? >> i didn't say the nasdaq. >> okay. >> okay. so we have found the ceiling somewhere. >> it'd be fine. >> i asked our staff which chart you'd want to show to support your bullish stance and they showed me the russell 2,000. sthast where you're getting your bullishness right now? >> first of all, the dow jones is away from an all-time new high. the dow transportation index is less than 1% away from an all-time new high. when i see the secondaries as leaders, bill, that's the risk trade is back. i think that leadership suggests a lot more on the upside. >> so the secondary -- so-called secondaries are doing well. you think the blue chips will catch up with them and that's wher
in the debt ceiling, which is an authorization to borrow money is inquestionably a revenue measure, you see where the power lies. i don't think there's any case here and i don't think that the administration thinks there's a serious case. but as you said, some in congress argue that and there are some in the media say the same thing. >> megyn: it would be an interesting situation congress refusing to raise the debt limit and the president running to court or at least saying to the nation, i can do it by myself when we've had, you know, congress in the past debate this repeatedly including when then senator obama was in the senate, you shouldn't raise the debt limit, it's irresponsible, and weakens us and americans deserve more. and can't have somebody let's not raise the debt and congress says don't raise it, but i'm going to overrule because i'm the chief executive. >> it would be against what not only what he, you know, the votes he casts in congress and what he says at the time, but i think he said, you know, last year when this was under consideration that his lawyers have advised him t
the debt ceiling was a great idea and got them great leverage. they have climbed up the mountain and rig down the mountain so many times with this president. >> climbed down the mountain. i think it was a -- >> good point. talk about a cliff. but, you're right. they don't really want to play that game. they don't want to be accused of not paying the country's bill, but how do thaw use that leverage in order to finally get to cuts, which the president said will be coming, but never seems to come in their lives. >> back to the white house here, boy, the markets would love to hear that the white house says it doesn't matter. >> and at some point, i think the r markets might hear that, but you've got to go this dance if you're the white house, politically. and they understand that the republicans loss in the debt ceiling, they lost last time. >> president didn't win. it was sort of, it was he was battered. tack he roved. but it took him three to four months. >> you're talking about last time. just on the fiscal cliff. >> so right now, the republicans are vulnerable. they don't have any lever
going to vote for -- >> we'll do dollar for dollar, whether $100 billion to increase the debt ceiling, $200 billion. take your pick, mr. president. >> thank you four a great two hours. "squawk on the street" begins right now. >>> congratulations to the alabama crimson tide, winners of the bcs college football championship for a second straight year. a third time in the last four years. what a run. it good morning, welcome to "squawk on the street." i'm melissa lee, live from the new york stock exchange. let's see how we're setting up on this tuesday morning. the futures look like we're tulg back here. t take a look at the picture. interesting economic data points out over there. eurozone hitting a record high. but a measure of consumer and business sentiment actually rose for the second straight month in the month of december. a road map this morning starts in china, where young brand said same-store sales are set to disappoint. is this a sign that a reacceleration of a timeless economy may not materialize after all. >> the ceo of sears is stepping down citing family health matters. d
the debt ceiling per se is not up for negotiation. they won't negotiate as to get raised and both sides have to come to spending and revenue discussion about the ten-year plan, let's say, for spending intentions. the debt ceiling message is the same, congress must allow the administration to pay the bills that congress be mandated be paid. >> shep: they spent money, the congress, and now what this is all about, do we actually pay for just what we just bought. you actually get to do that? >> you should not be able to. it's understandable why this happens. this is an instrument of influence by the congress when you don't have somebody in the white house. realistically speaking it's the mix of things getting debated and it raises the stakes. next phase is how much revenue we're going to get, it's about are we covering the bills the next seven months. >> shep: were you surprised by jack lew? >> it seemed to be pretty well telegraphed. loyalty is put at a premium. as all the reports say the president seems to trust she good advocate. just because it's been kind of put out there for a while.
, fine. but don't tie it to the debt ceiling." >> "a big part of balancing this budget is in fact getting people back to work. that balances us twice, so that's another big piece of it." >> reporter: president obama has said he will not negotiate with congress on whether they should pay their bills. some republicans are now criticizing his fiscal leadership. >> "what's really disappointing to me is that the president isn't generating the discussion on his own, that he has to sort of be dragged kicking and scream, to the table when we have these other big issues like the debt ceiling to get him to talk about it. i wish he'd lead." >> reporter: i'm elizabeth corridan, reporting. >> we started with showers but now, clear. as we go for it the night tonight it transition's over to clear conditions. transitioning again to cloudy conditions tonight. we have a weather system that is moving into the bay area. the rainfall will stay well to the north. clouds in the morning and sunshine for the afternoon we have some pretty nice systems. sunshine and warmer temperatures with low mid- 60s. here is th
avoiding the debt ceiling be as easy as minting a coin? there is a debate going on right now, i don't know how serious it is but there is a debate going on on whether the united states can create a coin worth $1 trillion, a $1 trillion coin. alison kosik is at the new york stock exchange. i love this story even though it's not real but just fun. >> i hate to burst your bubble, not likely to happen but it is legal. let's play the what if game, has a little more room to run. we know the treasury department with mint and issue platinum bouillon coins. deposit it at the fed and the treasury could pay off its debts and we wouldn't have to deal with watching the catfight on capitol hill with dealing with the debt ceiling. paul krugman, the "new york times" columnist says it's a game mick but says in an op-ed that ran yesterday in the "new york times" says the trillion-dollar coin should be printed. we should sit down like serious people and deal with probably seriously. that may sound reasonable but if you've been living in a cave for the past four years, think twice about that. he specifically
of the debt ceiling debate the trillion dollar coin is being tossed around as a way to avoid any standoff between the two sides. the idea is that the treasury company mint the coin, deposit it at the federal reserve so that the government can pay its bills, but noted economist jim grant thinks it's a bad idea. does have his own solutions to this looming crisis. jim grant joins us from grant interest rate observer. great to see you. happy new year. thanks for joining us once again. you don't think this trillion dollar coin is the answer. >> that is an urban legend. >> yeah. >> okay. what we need to do i think, first of all, is to speak clearly about this problem we this, this debt problem. for example, secretary of the treasury is not the secretary of the treasury. it is secretary of the debt. there are being no net treasurer in the treasury so we must be clear about that. we use the word trillion. $1 trillion is a million million. $1 trillion is an incomprehensible number we throw around and it numbs us, and we must speak of it in a weight. so $1 trillion is 22 million pounds of 100 bills
by focusing on the debt ceiling fight is the president's sort of holding out a shiny object for the press to capture attention? >> well, look, i think whether, i think you're right that there's a lot of pitfalls out there for the president, things we haven't thought of, foreign policy crises yet to come and an economy that has been sluggish. a couple of things to realize. first of all the economy has not been in that great a shape and the president was reelected nonetheless. while eventually i think voters might get fed up with his economic stewardship, they might not. secondly whether the president wants to hold up shiny objects for the press, we know the debt ceiling fight will come to a head. we know it will be a major clash. the president wants to maintain upper hand here. not so much what you or i might think is really going on. it is what voters think is going on. how they see things. he wants to maintain his image at a reasonable, rational guy versus a, band of republicans he wants to faint as extreme, out of touch and unreasonable. jon: weill look for him to, at that conversation
of every dollar the federal government spends is borrowed. if you don't raise the debt ceiling, that 40 cents is temporarily stopped. now we did that in 1995. we didn't default on our debt. >> woodruff: right. the result was balanced budgets and some of the greatest fiscal responsibility was seen we've seen in modern times from congress because fiscal conservatives stood together and said we need to be responsible. >> woodruff: let me ask you about a couple of other issues. that is guns. you're a long-time proponent of gun rights. you're the father of two young girls ages 4 and 2. after those terrible shootings at that h elementary school in connecticut, have you changed your views at all on how available guns should be especially the high-capacity rifles? >> i think every parent was horrified at what happened in newtown connecticut. to see 20 young children and six adults senselessly murder in an elementary school, it's just shocking beyond words but i think it was also sad that within almost minutes of that tragedy politicians began exploiting that horrible crime to push their gun-con
: the president said on saturday that he will not compromise over raising the debt ceiling. won't even put that on the table. shannon bream with the news live in washington this afternoon. how you is this strategy work out for republicans, shannon? >> shannon: the president says if they refuse everyone from business owners to average americans will suffer but republicans are calling his bluff saying the debt ceiling gives them leverage that will force democrats to get serious about spending cuts and entitlement reform. here is house republican jim jordan. >> let's do it for a change instead of saying oh, give us more revenue and we promise we will cut spending later. give us more borrowing authority and let us run up the credit card more. we promise we will cut -- this is lucy and charlie brown on the football and the american people are saying we are not going to try to kick it this time. >> shannon: whether or not the president wants a debate the republicans say he will get one. >> shepard: what about the possibility of more tax increases. pelosi was suggesting that is on the table? >> s
leverage now over the debt ceiling. >> yeah. >> sean: so my question to you, you said they should be willing to shut the government down, not all functions. >> right. >> sean: what would you shut down and do you think your fellow republicans had do that? >> well, i hope we stand strong. the reason we got a lousy deal with the fiscal cliff, because president obama had the leverage. because when you've got a divided government, whoever owns the default, whoever wins if nothing is done is in the strongest position, obama was in a strong position there if nothing was done taxes were raised on every american taxpayer. with respect to the debt ceiling, we have the default. if fiscal conservatives can stand together we can have some substantive reforms, pro reforms, if not a default and obama it going to say that over and over and over again, we should be clear, it's not a default we should always, always, all the pay our debt. what it would be a partial government shutdown. we saw it in 1995 with republicans in congress. >> sean: it worked. we got to a balanced budget for the first time
, the president expected shortly. he will be talking about the debt ceiling. that is the $16.7 billion ceiling we will hit up against in congress. also, possibly touching on topics like gun violence and other issues that are on the president's agenda. >> ladies and gentlemen, the president of the united states. >> please have a seat. good morning. i thought it might make sense to take some questions this week as my first term comes to an end. it has been a busy and productive for years. i expect the same thing from the next four years, and i intend to carry out the agenda i campaigned on. new security for the middle class. right now our economy is growing and our businesses are creating new jobs. we are poised for a good year. if we make smart decisions in sound investments, and as long as washington politics did not get in the way of america's progress. as a set on the campaign, one component to growing our economy and broadening opportunity for the middle class is shrinking our deficit and a balanced and responsible way. for nearly two years now i have been fighting for such a plan, one that wo
connell will somehow make him less likely to deal with democrats when it comes to the debt ceiling? >> first i would like to thank brent because all of this is great for sales of the book. it shows how you have a republican party that has a large faction, the dominant faction that has moved to the fringes of american politics and compromise is out of bounds for them. for mcconnell there's a real dilemma here that has two components to it. the first is he is up for reelection in 2014 in a state where he is no longer the king maker. he did everything he could to keep rand paul from winning nomination two years ago, and failed miserably. now he has hired paul's campaign manager, has his own campaign manager, but he has to worry a little bit about pressure from the right. and john boehner has pretty much taken himself out of the lead-dog role in negotiating with the administration and that makes it fall back on o'connell for the fiscal issues immigration, probably guns, and a host of other issues where everything that mcconnell does to reach a deal -- look at that fiscal cliff
didn't raise the debt ceiling, we did, it's because of the lack of seriousness in tackling the problems, and $1 trillion coin, i think exhibits the ultimate lack of seriousness. >> this administration gets people's attention in the wrong ways through class warfare. and many will think if this is possible, we ought to do these sort of things. >> you know, you can't -- by the way, i could spend time in the weeds telling you why legally you can't do this. why the federal reserve does not buy assets from the mint. the mint prints dollar bills to replace old dollar bills. that's all they do. and the mint can create coins for the treasury department. and by the way, none of this stuff is legal tender. >> and it's never going to happen anyway. >> okay. so i'll ask you a question, karen finney. let's stay with this. instead of this stupid coin idea, instead of this utterly stupid banana republic coin idea, why don't we get serious and start cutting spending? in fact, why don't we get, a, a budget out of the senate democrats for the first time in four years and, b, implementation of the across t
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